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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11122
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If I amend my 2010 1040 and claim the appropriate NOL and claim

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If I amend my 2010 1040 and claim the appropriate NOL and claim a carryback of the NOL, could I apply this to my 2008 1040?? If so, how?

Yes, You can file an amended return within 3 years of the date you filed the original return or within 2 years of the date on which you paid the tax due on the return, whichever is later.

Further, you can carryback Net Operating Loss for two years,and forward for five.

You use form 1045: http://www.irs.gov/pub/irs-pdf/f1045.pdf

here are the IRS instructions:http://www.irs.gov/uac/Form-1045,-Application-for-Tentative-Refund


Hope this helps.

Lane


(Positive feedback appreciated, BUT, if you need further clarification come back to this page)





Lane and other Tax Specialists are ready to help you
Thanks for the feedback!

Lane

Customer: replied 4 years ago.
Is the answer the same for amending a 2009 return to carry back any NOLs to 2008?

Again, you can file an amended return within 3 years of the date you filed the original return or within 2 years of the date on which you paid the tax due on the return, whichever is later.

So if the 2009 Return was filed on Apr 15, 2009, you would have until Apr 15, 2012.

So the 2009 may not fly. Look hard at the dates: " ...within three years..."

Sounds like I may be the bearer of bad news here, Sorry.


Lane